Cedar Realty Trust narrows 1Q loss

Port Washington-based Cedar Realty Trust narrowed its first-quarter loss to $9.3 million from $12.3 million a year ago, although its funds from operations declined.

The company, which owns and operates supermarket-anchored shopping centers primarily in the Washington, D.C. to Boston corridor, said its properties were 90.6 percent occupied and 91.8 percent leased at quarter’s end.

But Cedar’s recurring funds from operations, a traditional measure of real estate investment trust performance, slipped to $7.9 million from $9.3 million a year ago.

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CEO Bruce Schanzer said Cedar made progress in efforts “to reduce our leverage and improve our performance.” He said the firm is advancing with a plan to divest of roughly 50 assets, reducing debt by about $150 million.

The company saved money by minimizing tenant improvements for the quarter. Cedar also signed a lease for a Walmart Neighborhood Market to replace the vacant anchor at Oakland Commons in Bristol, Conn.

The firm during the quarter renewed 27 leases for about 129,000 square feet with an average increase in base rents of 6.2 percent. It also signed 11 new leases for about 75,000 square feet at an average base rent of $12.72 per square foot.